Good infro, but I had a little different perspective. As I understand it, Adewale Ogunleye is looking at a one year deal, unless he gets the deal he wants (but hasn't been offered yet) from the Dolphins. A career ending injury and he gets zero after this year. He's not unrestricted until after one more year. The Colts could give him a longer term deal, with various bonuses (that will look huge to a guy looking at $455,000), that is cap friendly in the early years. This would be particularly true with some voidable years I believe. He might also sign with the Colts if he things they have a better chance for a Superbowl run.

It's all spec anyway, but I think the cap could work if everyone was interested in making it work, although as you point out franchise and tender offers are higher for DE's that RB's